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Bank Verification Number Project: All You Need To Know by smemud(m): 6:19am On May 07, 2015 |
http://leadership.ng/blogposts/380869/banks-commence-biometric-registration-bvn Pls if you haven't done yours register for your BVN today its very important, without it you won't be able to debit or credit your account. I was ask to write it at the top of my deposits slip yesterday before I can credit my brothers account yesterday .Thank you www.bvn.com.ng |
Re: Bank Verification Number Project: All You Need To Know by smemud(m): 6:21am On May 07, 2015 |
Apart from mobile banking innovation and wearable banking that’s going to rock the banking world soon, other measures are being taken by bankers’ bank and financial institutions to ensure the security of their customers.In February 2014,Central Bank of Nigeria and its partner came up with the bank verification project.Since BVN Project took off,some Nigerian bank account holders still don’t know what the project is about. As at January 10, 2015, just two out of 20 people I spoke to about BVN are aware of the project.Last year, a communiqué sent to all Deposit Money Banks (DMBs) signed by the Director of Banking Payments System Department, CBN, Dipo Fatokun, said all DBNs were expected to enroll 40 per cent of their customers on or before December 31, 2014, while 70 percent was set for March 30, 2015.So, if you haven’t registered, these are what you need to know about Bank Verification Number.Individual Enrolment for BVN What is BVN?BVN means Bank Verification number what Are the Advantages of Bank Verification Number?Benefits of BVN are:1.To provide additional security for account holders.2.It is to ensure that account holders are known by their banker in what CBN calls, “Know Your Customer” principle.3.To give a unified identity to account holders across all the banks in Nigeria, meaning BVN code can be used as a means of identification in any bank in Nigeria.4.To reduce queue in banking halls.5.To reduce fraud that may arise from impersonation.6.To checkmate and curb identity theft.7.The project is to ensure accountability.8.To increase the effectiveness of banking operations.9.It is to give customer access to future credit facilities.10.It is also meant to boost financial inclusion which the CBN has been committed to.11.It resolves the problem of authentication.12.To checkmates money laundering activities.13.To build confidence between banks and their customers.How much does it cost to enroll for BVN?It is totally free. It costs you nothing and nothing is deducted from your account for registering.Who came up with the idea of Bank Verification Number?Central Bank of Nigeria, and Bankers Committee came up with BVN project.When was it launched?The project came into being in February 2014 as a result of a successful partnership between the apex bank CBN and the Bankers Committee.Who was it designed for?It is designed for everybody who owns an account with financial institution in Nigeria.But I carry out my financial activities on my mobile phone the enrollment is meant for everybody irrespective of the device you use in as much you have an account with any financial institution in Nigeria, and you wish to continue using the account.How do I register for BVN?Visit any branch of a bank where you have an account. If you’re just opening an account, you can do it alongside account opening.What is the process involved?6 Easy Steps to Enroll and Get Bank Verification Number (BVN)1.Walk into any branches of your bank.2.Request for BVN enrollment form from customer service officer 3.Fill the form and head straight to where the enrollment is being done 4.Present yourself for data capturing like fingerprint and facial image5.You are issued with an acknowledgment slip also known as enrollment receipt which contains the registration ID like ticket ID, name of the bank you registered, your name, date, and time the registration was done.6.You get a unique BVN within 24 hours through SMS notification after the system confirms the enrollment.What is enrolment?Enrollment involves capturing a customer’s fingerprint, facial image and other necessary detail after which Bank Verification Number is generated.Is proxy registration allowed?Someone else cannot enroll on your behalf. You have to be physically present because your fingerprints and facial image would be taken. Your fingerprints and facial image cannot be the same with another person that’s why you have to enroll by yourself irrespective of your position.These are the details you are expected to fill:Surname, middle name, First name, Account number, means of identification: you can use your INEC voters card, or national Identity No, or any other verifiable means of identification. Other information are what you will be able to provide without stress.How do I get my Bank Verification Number after the enrolment?You’re issued a ticket to confirm your enrolment. However, you will receive SMS alert stating your BVN. So, make sure you use active GSM line.Is it security wise to store my BVN on my phone?It is not security advisable to store any sensitive information concerning your financial details on your mobile phone, unless you’re sure of other means of encrypt it.However, it will still be extremely difficult, at least for now, for someone else to use your BVN because the person’s fingerprints will be different from yours.It means your BVN is not useful for the person that steals it.What should I do if I forget my BVN?Visit your bank where you did the enrolment to retrieve the number.How secure is customers’ information?According to Central Bank of Nigeria, customers’ information is secure, and that the details are encrypted and stored in a secure database.However, there are conditions and terms“The bank shall not be liable for breaches/disclosures that may occur if it is compelled by law or regulation to disclose customer biometrics data to third parties. However, the bank shall exercise due care to ensure that the customers biometrics data is secure and protected.”Will the change of address affect my BVN?It doesn’t change your BVN, all you need do is go to your bank and follow the bank's process of updating customer information. You can only update banking information only at the bank where you have an account.Can I Enrol for BVN in First Bank and get the BVN from guaranty Trust Bank?No. You can only get your BVN at the bank you enrolled. No cross-collection of BVN.What happens if a customer is an amputee or his fingers are badly damaged due to a disease?His facial features will be used instead of his fingerprints will I have to enroll in all the banks I have accounts?No, once you enrolled at one bank and a BVN is generated, the number can be used in other banks where you have accounts. It means enrolment is necessary in one bank. A customer cannot have more than one Bank Verification Number.Can I start the enrollment now and complete at later date?No. the enrollment is and should be completed in one session.Will biometric function be implemented on POS and ATM terminals?Yes. It will be implemented on POS and ATM at a later stage.How will it be implemented on ATM and POS?CBN and its partner are yet to release a formal communication on how it will be implemented on payment machines. But one of the workers at the Obafemi Awolowo University Teaching Hospital Complex (OAUTHC), Ile-Ife, Osun State, told Mobile Banking Watch that she was unable to use the ATM because,“I was yet to enroll for the BVN. I was forced to enter the bank hall to enroll before I later gained access my account using the ATM.”This means the implementation on POS and ATM will be simple. You may not be able to use bot services if you haven't go your BVN. Where do I lodge biometrics complaint if any arises?Just like your regular account number complaint,you should contact your bank where your account is domiciled. During Facial capture can a customer leave his/her glasses on?No a customer cannot leave his/her glasses on during facial capture.Is there any provision for individuals who cannot write or are illiterates to fill the enrolment form?Yes, a customer service officer is always available in any bank to assist customer on any perceived difficult task. In filling the enrolment form, call on the customer service office to help you out. And if you can’t understand this explanation well enough, Google Translate is available at the top of this article which can translate this to your preferred language.Is there a deadline for the enrolment?Yes, Nigeria’s apex CBN will announce a deadline shortly. Can minors be Enrolled?It is meant for adults. BVN enrolment for Corporate Accounts According to central Bank of Nigeria,www.bvn.com.ng |
Re: Bank Verification Number Project: All You Need To Know by Nobody: 6:32am On May 07, 2015 |
If one have acc in different banks is he to enroll the BVN in all the bank? |
Re: Bank Verification Number Project: All You Need To Know by smemud(m): 6:39am On May 07, 2015 |
Mkpi:no u only need to register once |
Re: Bank Verification Number Project: All You Need To Know by onyekakingsley(m): 7:01am On May 07, 2015 |
nice one from CBN....this will go a long way in reducing fraud.... |
Re: Bank Verification Number Project: All You Need To Know by BEVY(f): 6:05pm On Jun 24, 2015 |
Pls, how do I retrieve my BVN,I mistakenly deleted the message containing it. |
Re: Bank Verification Number Project: All You Need To Know by onatisi(m): 6:08pm On Jun 24, 2015 |
BEVY:cool down, they gave u a small paper with a number on it ,do u still have it ? |
Re: Bank Verification Number Project: All You Need To Know by Annapecky(f): 1:04pm On Oct 28, 2015 |
I Was given my BVN Ticket bt i stil dnt knw my bvn hw do i retrieve it |
Re: Bank Verification Number Project: All You Need To Know by holuwatobhy(m): 11:22am On Oct 29, 2015 |
Re: Bank Verification Number Project: All You Need To Know by Linkzy(f): 9:56pm On Oct 29, 2015 |
I was given a ticket ID about 2months ago, up till now haven't received the BVN, don't know if my account will still be suspended as said by CBN. |
Re: Bank Verification Number Project: All You Need To Know by Emmafrancis: 5:57pm On Oct 30, 2015 |
Linkzy:Me too. I did mine 3days ago. No SMS with the bvn yet. |
Re: Bank Verification Number Project: All You Need To Know by Everest25(m): 7:01am On Nov 01, 2015 |
please could BVN affects those with Fixed deposit account? |
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